Sushi-89. Gas as a proxy of activity

    -- Q89. How much did sushi users pay for gas in 2022? Is there a correlation with the price of ETH? Can you comment on the spikes in the chart?

    Methodology

    • Find all Sushi swap transactions from ethereum.sushi.ez_swaps
    • Join with ethereum.core.fact_transactions to find the fee for each transaction
    • Use ETH Price in USD to find the gas paid in USD and ETH.

    How much did sushi users pay for gas in 2022?

    • Sushi users in total pay around 114.5M $USD or 40.3 $ETH in fees since 01 Jan 2022.
    • Given below is the daily breakdown of fees both in $USD and $ETH
    • Highest was 1.86K $ETH or 3.6M $USD on May 12, 2022.
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    Is there a correlation with the price of ETH? Can you comment on the spikes in the chart?

    • The Gas fees collected seems to be inversely co-related to the $ETH price, which is odd, one would think it should be directly co-related.
    • There were particular spikes in the Daily Gas Price on the following dates:
      • 5, 10, 17, 21 Jan, 2022
      • 11-12 May, 2022
    • The spikes in Jan 2022 were due to the boom in the NFT market scene, we saw a draw down after that with the markets cooling down.
    • The spiked again in May 11-12 were due to the implosion of the Terra ecosystem, this caused a lot of panic in the market and we saw a lot of people swapped their tokens for more stable assets.
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